PANews reported on May 6th that, according to GlobeNewswire, Solana treasury company Forward Industries announced it has co-led a $5 million Series A funding round with digital asset investment firm RockawayX for regulated on-chain reinsurance company OnRe. Forward plans to deploy up to an additional $25 million in OnRe's yield-generating token ONyc on Solana.

According to reports, OnRe is a licensed collateralized reinsurance company and on-chain asset management company. ONyc provides exposure to reinsurance risk portfolios and has been integrated into the mainstream DeFi venue Solana, where it can be used as collateral for lending and revolving strategies.